The prisoners' dilemma is an example of a(n) ________ game
A) simultaneous move
B) extensive-form
C) zero-sum
D) mixed strategy
A
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Deciding how a society's products are distributed among its citizens answers the economic question of
A) how will the products be produced. B) where will the products be consumed. C) what products will be produced. D) who consumes the products produced.
Technological improvement
A) can hide the presence of diminishing returns. B) can be shown as a shift in the total product curve. C) allows more output to be produced with the same combination of inputs. D) All of the above are true.
Jessica’s workplace is collecting money for a lottery pool. Each employee can choose to contribute $50, with a 1 in 600,000 chance of winning $1 million. If Jessica chooses not to contribute to the lottery pool, she is probably experiencing:
A. positive framing. B. the endowment effect. C. loss aversion. D. status quo bias.
Which of the following is a symptom of a price floor?
a. scalping of Super Bowl tickets b. surplus cheese c. the New York city housing shortage d. black markets e. milk shortages